Maryland Entrepreneur & Philanthropist Sentenced To 9 Years In Fraud Case

Alan B. Fabian, 44, of Cockeysville, Maryland, was sentenced to 9 years in federal prison for perpetrating a $40 million fraud. Fabian was originally indicted on 26 fraud counts, but plead guilty in May to one count of mail fraud and one count of tax fraud. According to court documents, from March 2001 through June 2004, Fabian ran a Ponzi scheme, created a shell corporation called Strategic Partners International, forged invoices and wire-transfer receipts to defraud, Solarcom Inc., a Georgia-based company, and certain lenders into believing that he had purchased millions of dollars in computer equipment and claiming they owed him for the materials. He generated more than $32 million this way, according to reports. Prosecutors accused Fabian of lying repeatedly in court and with filing false tax returns.

Read the story here, here and here.

Read the FBI release here.